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[FUNDING NEWS] India-Based Candi Solar Secures $38 Million in Equity Funding

Candi Solar, a renewable energy startup that provides solar power solutions for C&I clients, announced a $38 million equity funding round. Candi said the round was led by Norfund, Kyuden International, and STOA, demonstrating their faith in its mission and expansion.

Candi Solar, a renewable energy startup that provides solar power solutions for C&I clients, announced a $38 million equity funding round. Candi said the round was led by Norfund, Kyuden International, and STOA, demonstrating their faith in its mission and expansion.

The $38 million equity capital investment will finance 200 MW of business solar projects and support strategic hiring to fuel the company’s rapid growth.

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This investment also shows how solar assets reduce carbon dioxide-equivalent emissions by 493,875 tonnes per year.

“As the world embraces decentralised power generation, this round of growth capital propels us closer towards emerging as the premier rooftop solar player in the commercial and industrial space across all our markets,” said Fabio Eucalipto, Co-founder and Director at candi solar. “Our innovative solar and battery solutions and pioneering financial products accelerate our purpose of powering a more sustainable planet, one rooftop at a time,

“This recognition from our new investors, Norfund and Kyuden, alongside the unwavering support of our existing shareholder STOA, fuels our commitment to building an international enterprise with a robust path to profitability,” he added.

Candi Solar strives to transform Asia and Africa’s energy sector since 2018. The company is a leader in solar engineering, financing, and operation with 112 MW of contractual capacity.

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The firm’s portfolio includes Airtel and Jindal Saw in India and Schneider Electric in South Africa, demonstrating its ability to meet the needs of major industry players and solidifying its reputation for high-quality services and solutions. The corporation operates in 17 Indian states and 2 union territories and 8 South African provinces.

About Candi Solar

Candi solar offers businesses straightforward, end-to-end solar and battery solutions. Their financial skills and flexibility allow them to customise a product for you.

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